Analysts Predict Imminent Altcoin Season as Ethereum Prices Surge
Article Summary:
Experts predict that the dominance of Bitcoin in the cryptocurrency market will eventually decline, leading to a rise in altcoins. The approval of a spot Ethereum ETF in the US has boosted the bullish sentiment for altcoins. The ETH/BTC pair is expected to rebound from historical lows. The overall cryptocurrency market is in a bull market that is projected to last until mid-2025. This market cycle has seen increased participation from institutional traders due to clearer regulatory measures.
Article:
Bitcoin’s dominance in the cryptocurrency market is expected to decrease, paving the way for altcoins to rise, according to experts. The approval of a spot Ethereum ETF in the US has further strengthened the bullish sentiment for altcoins. The ETH/BTC pair, which has been trading at historic lows, is poised for a rebound.
The cryptocurrency market is currently experiencing a macro bull market, which is predicted to continue until mid-2025. This trend is based on historical data following every Bitcoin halving. The upward movement will be gradual, with increased rotation of crypto cash. Additionally, this bull cycle has attracted more investors, including institutional traders, due to improved regulatory measures.
After a successful first quarter in the crypto rally of 2024, where the altcoin industry grew from $750 billion to approximately $1.2 trillion, investors are preparing for the next phase. Many altcoins have completed their market corrections and are ready to retest their all-time highs, led by Ethereum.
Renowned crypto analyst MikyBull Crypto believes that the next altcoin season will commence once the ETH/BTC pair rebounds from its multi-year low. The Ethereum price’s recovery against Bitcoin is supported by the declining trend in Bitcoin dominance. Moreover, the demand for altcoins remains high, fueled by the anticipation of spot Ethereum ETFs in the US.
Hong Kong recently approved spot Bitcoin and Ethereum ETFs, with trading expected to begin by the end of this month.
While meme coins like Dogecoin and Shiba Inu continue to dominate the altcoin industry, new crypto narratives with higher profitability potential have emerged. Some notable narratives to watch out for include tokens in the Decentralized Physical Infrastructure Network (DePIN) and real-world asset (RWA) tokenization.
Tags: Altcoins, Ethereum